Gannett's stock closed at $14.04 a share moments ago, diving 91 cents, or 6.1% -- as overall stock markets plunged on an unexpectedly sharp drop in U.S. consumer confidence. It was GCI's lowest closing price since June 4, when shares finished the day at $13.73, according to Google Finance. (Historical GCI prices.)
The Dow Jones Industrial Average fell 268 points, or 2.7%, to 9,871. The broader S&P 500 index ended the day down 33 points, or 3.1%.
Stock markets fell as a drop in domestic consumer confidence added to mounting worries of how a slowdown in China and debt problems in Europe may affect global growth, Dow Jones Newswires says.
"This was a one-two smack for the market and you really just have a huge rush away from risk," Adam Sarhan, chief executive of Sarhan Capital, told Dow Jones. "It's a concern of whether this global economic recovery will continue or if it will be derailed due to a slowdown in China or the ongoing European debt crisis."
Tuesday, June 29, 2010
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Jim says: "Proceed with caution; this is a free-for-all comment zone. I try to correct or clarify incorrect information. But I can't catch everything. Please keep your posts focused on Gannett and media-related subjects. Note that I occasionally review comments in advance, to reject inappropriate ones. And I ignore hostile posters, and recommend you do, too."
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Yep. It's the old double-dip scenario. I hope not, but we are not going to get ads if consumer spending doesn't increase. It is not showing any sign of doing that because I think people are frightened by the collapse of real estate.
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